Greylock Capital Management
| Company type | Private |
|---|---|
| Industry | Investment management |
| Founded | 2004 |
| Founder | Hans Humes |
| Headquarters | New York City , United States |
Key people | Hans Humes (CEO), AJ Mediratta (President) |
| Products | Alternative investment advisory focusing on global high-yield, undervalued, and distressed assets |
| Website | greylockcapital |
Greylock Capital Management, LLC operates as a SEC-registered alternative investment advisor, concentrating on global high-yield, undervalued, and distressed assets, particularly within emerging and frontier economies. Established in 2004 by Hans Humes, who previously oversaw emerging market portfolios at Van Eck Global, the firm leverages his expertise in his role as CEO. In 2008, AJ Mediratta, formerly associated with Bear Stearns, joined the team and currently holds the position of president.
The firm’s core investment focus lies in high-yield fixed income securities from emerging markets, with a notable history of success in sovereign debt restructurings.
Greece
Greylock Capital distinguished itself as the only U.S. participant on the 12-member steering committee responsible for managing Greece’s sovereign debt restructuring, overseeing roughly 20% of the nation’s external government obligations. The firm entered the market early in 2011 when Greek bonds were valued at approximately 12 cents on the dollar. Greylock championed the inclusion of debt warrants that linked repayments to Greece’s economic growth trajectory. This initiative contributed to what became the largest sovereign debt restructuring ever undertaken.
Argentina
Following Argentina's 2002 sovereign default—the largest on record—Greylock Capital’s founder Hans Humes served as co-chair of the Global Committee of Argentina Bondholders. This position underscored Greylock’s active participation in prominent sovereign debt restructurings and reinforced its strategic leadership within distressed debt markets.
Barbados
In October 2019, Barbados reached a restructuring agreement involving about $7 billion in sovereign liabilities with a creditor group co-led by Eaton Vance Management and Greylock Capital. The agreement featured a principal reduction of 26% and introduced a new bond maturing in 2029 that incorporated a "Hurricane Clause," permitting suspension of payments and capitalization of interest following weather-related disasters. This innovative provision highlights Greylock’s role in designing financial instruments tailored to mitigate risks specific to the region.
Belize
After Belize defaulted on nearly $500 million of debt in 2012, a creditor committee led by Greylock Capital alongside Zurich Insurance Group engaged with international bodies including the IMF, Inter-American Development Bank, Caribbean Development Bank, U.S. Treasury Department, Institute of International Finance, and Paris Club. Holding close to $300 million of Belizean debt, Greylock was instrumental in securing an investor participation rate of 86% during the restructuring process. This high level of involvement reduced potential litigation risks and emphasized Greylock’s proficiency in sovereign debt negotiations as well as its competitive positioning within emerging markets.
Ivory Coast
The Republic of Ivory Coast issued $2.8 billion in Brady Bonds in 1998 but defaulted amid civil conflict in 2002. Greylock Capital led negotiations between bondholders and the republic, collaborating with multilateral organizations such as the World Bank to develop a restructuring plan consistent with creditor protections and aligned with the HIPC Initiative. The agreement was successfully concluded in 2010.
Lebanon
Greylock Capital participates in a creditor consortium engaged in negotiations over Lebanon's $1.2 billion sovereign Eurobond amid the nation's ongoing financial turmoil. This Creditor Committee also comprises Franklin Templeton Investments. As liquidity constraints intensified, Lebanon's parliamentary speaker identified debt restructuring as the preferred strategy to address the Eurobond obligations.
Liberia
As Liberia's principal commercial creditor, Greylock Capital spearheaded a creditor committee to restructure the country's pre-crisis debt, facilitating Liberia's renewed access to international financial markets. Finalized in April 2009, this restructuring introduced innovative terms that allowed a one-time resolution of all commercial claims. Greylock Capital earned recognition for its cooperative negotiation style, distinguishing itself from more aggressive "vulture fund" approaches.
Mozambique
Following Mozambique’s default on its external sovereign debt in 2016, an international creditor committee was established. The negotiations aimed to create immediate fiscal relief while safeguarding value for bondholders linked to Mozambique’s offshore gas assets. Additionally, efforts focused on enhancing transparency and addressing undisclosed loan controversies, which were critical for restoring relationships with the IMF and bilateral donors. Greylock Capital led these discussions, culminating in a preliminary restructuring agreement by late 2019. An exchange offer completed in October 2019 achieved participation exceeding 98%.
Suriname
In 2021, Greylock Capital joined a creditor committee negotiating the restructuring of around $675 million in Suriname’s debt portfolio. Other participants included Franklin Templeton, Eaton Vance, and GMO Investments. The restructuring process concluded successfully by mid-2023, receiving strong backing from both the International Monetary Fund and bondholders.
Ghana
Greylock Capital is involved in a creditor committee managing the restructuring of approximately $20 billion of Ghana’s outstanding debt. Following Ghana’s unexpected default announcement in 2022, discussions were initiated with multilateral and commercial creditors. A restructuring offer presented in September 2024 was accepted by creditors, bringing the process to a close and enabling Ghana to restore access to global credit markets.
Venezuela
As of April 2024, Greylock Capital remains an active participant on the official creditor committee overseeing Venezuela’s sovereign debt restructuring, underscoring its influential role in international financial negotiations.
In February 2021, Greylock Capital Management leveraged provisions within the CARES Act to expedite a bankruptcy filing at the holding company level. This strategic action allowed for the restructuring of its office lease obligations without disrupting its operating subsidiaries or daily business activities. The holding company successfully emerged from bankruptcy within three months, by April 2021, demonstrating proficient crisis management and financial resilience during the pandemic period.
External links
- 2004 establishments in New York City
- American companies founded in 2004
- Financial services firms founded in 2004
- Investment firms located in New York City
- US-based investment management firms
- Privately owned companies headquartered in New York City
- Companies that underwent Chapter 11 bankruptcy proceedings in 2021
- American companies established in 2004
- Companies of the United States by year of establishment